PEX vs. UVXY
PEX (ProShares Global Listed Private Equity ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, PEX returned 4.92%/yr vs -72.05%/yr for UVXY. At a correlation of -0.50, they often move in opposite directions. PEX charges 3.13%/yr vs 0.95%/yr for UVXY.
Performance
PEX vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, PEX achieves a -7.84% return, which is significantly higher than UVXY's -34.93% return. Over the past 10 years, PEX has outperformed UVXY with an annualized return of 4.92%, while UVXY has yielded a comparatively lower -72.05% annualized return.
PEX
- 1D
- 0.68%
- 1M
- 3.24%
- 6M
- -10.07%
- YTD
- -7.84%
- 1Y
- -14.95%
- 3Y*
- 4.15%
- 5Y*
- 0.32%
- 10Y*
- 4.92%
UVXY
- 1D
- 2.95%
- 1M
- -9.52%
- 6M
- -33.79%
- YTD
- -34.93%
- 1Y
- -73.19%
- 3Y*
- -62.17%
- 5Y*
- -68.33%
- 10Y*
- -72.05%
PEX vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PEX ProShares Global Listed Private Equity ETF | -7.84% | 0.21% | 13.05% | 23.11% | -25.98% | 28.34% | -1.14% | 25.53% | -13.31% | 14.33% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -34.93% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between PEX and UVXY is -0.54, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2013 | -0.50 |
The correlation between PEX and UVXY has been stable across timeframes, ranging from -0.60 to -0.50 - a consistent structural relationship.
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Return for Risk
PEX vs. UVXY — Risk / Return Rank
PEX
UVXY
PEX vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PEX | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.82 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | -0.99 | +0.39 |
| Martin ratioReturn relative to average drawdown | -1.07 | -1.48 | +0.41 |
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Drawdowns
PEX vs. UVXY - Drawdown Comparison
The maximum PEX drawdown since its inception was -49.17%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for PEX and UVXY.
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Drawdown Indicators
| PEX | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.17% | -100.00% | +50.83% |
Max Drawdown (1Y)Largest decline over 1 year | -24.72% | -73.88% | +49.16% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | -95.42% | +70.70% |
Max Drawdown (5Y)Largest decline over 5 years | -36.58% | -99.75% | +63.17% |
Max Drawdown (10Y)Largest decline over 10 years | -49.17% | -100.00% | +50.83% |
Current DrawdownCurrent decline from peak | -16.70% | -100.00% | +83.30% |
Average DrawdownAverage peak-to-trough decline | -8.31% | -98.76% | +90.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.93% | 49.56% | -35.63% |
Volatility
PEX vs. UVXY - Volatility Comparison
The current volatility for ProShares Global Listed Private Equity ETF (PEX) is 3.97%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 17.16%. This indicates that PEX experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PEX | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.97% | 17.16% | -13.19% |
Volatility (6M)Calculated over the trailing 6-month period | 13.62% | 66.78% | -53.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.97% | 85.47% | -69.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.01% | 103.82% | -85.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.25% | 112.00% | -92.75% |
PEX vs. UVXY - Expense Ratio Comparison
PEX has a 3.13% expense ratio, which is higher than UVXY's 0.95% expense ratio.
Dividends
PEX vs. UVXY - Dividend Comparison
PEX's dividend yield for the trailing twelve months is around 8.61%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PEX ProShares Global Listed Private Equity ETF | 8.61% | 12.80% | 14.11% | 13.02% | 1.77% | 13.64% | 5.52% | 7.94% | 4.72% | 24.26% | 3.24% | 12.50% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PEX and UVXY have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (17.16%) compared to PEX (3.97%). In terms of maximum drawdown, PEX dropped -49.17% vs UVXY's -100.00%.
On 10-year performance, PEX leads with 4.92% vs -72.05% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, PEX has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PEX has performed better with a 4.92% return vs -72.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 3.13% for PEX.
PEX has the higher dividend yield at 8.61%, compared with 0.00% for UVXY.
PEX is categorized as Financials Equities, while UVXY is Volatility. PEX tracks LPX Direct Listed Private Equity Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 3.13% for PEX and 0.95% for UVXY.
UVXY currently has the higher Sharpe Ratio (-0.86 vs -0.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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